Sanibel Real Estate Blog: February Lee County update

March 23rd, 2016

The stats are gathered for February and it seems we have hit a bit of slump in Lee County. Closed sales in February amounted to 825 home sales and that was down 12.5% from last year.

February was however the 51st consecutive month of a median home price increase, now up to $ 216,800 (from $194,000. The new condo median price in Lee is $ 192,000.

We can probably attribute the slow start of 2016 with some real estate market jitters as the stock market to a hit in Jan and Feb. Lack of inventory could be another one. We are still quite low on product to sell in some locations. The value of the Canadian dollar is probably also effecting area  home sales.

Buying or selling Sanibel real estate, be sure to talk with real estate pro Chuck Andrews, or check out our website for all Sanibel real estate listings.

Sanibel Real Estate Blog: New Rules

March 17th, 2016

No, not Bill Maher talking, but Closing Corp talking about a survey on the new TRID rules.

A survey of people who bought two homes – one before new truth-in-lending disclosure rules went into effect in October 2015 and one after – found that the lending process is easier to understand, but it’s tougher to complete.

ClosingCorp conducted the survey of repeat buyers to find out how the new TILA-RESPA Integrated Disclosure (TRID) rule impacts the customer experience in getting and closing a residential mortgage.

Major findings

  • 64 percent of respondents said it was easier getting a mortgage under the old pre-TRID rules
  • 70 percent, however, said that the actual closing day was faster post-TRID; 19 percent said it was about the same; 11 percent said it was slower
  • In terms of the time it took to get and close a mortgage, 57 percent said it took more time post-TRID
  • 63 percent said that the new “Know Before You Owe” forms for loan estimates and closing disclosures were easier to understand.
  • 68 percent said the new forms did a better job preparing them for the closing costs; only 6 percent disagreed
  • 65 percent said costs and fees were “explained better” post-TRID
  • 51 percent, however, said there were more “unexpected costs, fees and surprises” post-TRID
  • Respondents highlighted one consumer benefit with the new TRID disclosures: The ability to shop for service providers, such as title companies, inspectors, pest services, etc.; 78 percent said they were informed about this option, and 74 percent took advantage of it
  • 55 percent of buyers said they saved money post-TRID due to the ability to shop around for services
  • Of the respondents, more women (61 percent) said they weren’t told they could shop around for services than men (39 percent)

“There’s been a lot of speculation about TRID’s impact and its value to consumers,” says Brian Benson, chief executive officer of ClosingCorp. “Our new study of consumers who have bought homes and gotten mortgages both the new and the old way suggests that TRID is making it easier for consumers to understand the costs and fees that they’ll face at closing – but at the same time, the new rules are adding time and anxiety to the closing process.”

According to Benson, “The findings suggest that our industry has more work to do to get comfortable with the TRID forms and processes, and to educate consumers and their advisors.”

© 2016 Florida Realtors®

We haven’t had any problems with the new forms either so maybe it progress in this business that is actually ok! If you are in the  market for some Sanibel real estatehttp://www.chuckandrews.com, check out our listings at www.chuckandrews.com or give us a call to discuss Sanibel real estate anytime.

Sanibel Real Estate Blog: Tax credits for homeowners

March 3rd, 2016

Sanibel real estate homeowners:

Are you getting all of the tax credit you deserve on home improvement this year?

Homeowners can earn up to $500 on their return by taking into account small upgrades made last year, including:

  • Biomass stoves
  • Heating, ventilation, and air conditioning
  • Advanced main air-circulating fans (tax credit amount of $50)
  • Insulation (10 percent of the cost, up to $500)
  • Roofs (metal and asphalt)
  • Water heaters (non-solar earns a tax credit of $300)
  • Windows, doors and skylights (tax credit amount is 10 percent of the cost
  • excluding labor)
  • Check with your tax preparer if you have made any of these improvements.

Sanibel Real Estate Blog: Florida January Sales Strong

February 24th, 2016

From the Florida Association of Realtors: Florida’s housing market saw rising median prices, fewer all-cash closed sales and a tight inventory of for-sale homes in January, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 16,529 last month, up 2.7 percent over the January 2015 figure.

“Florida’s housing market remains on a steady path,” says 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “While inventory levels are tight, the months’ supply of homes for sale remains stable and distressed property sales continue to fall. The current market offers a great opportunity for sellers, who are getting nearly 94 percent (for existing single-family homes) of their asking price at the closing table; existing townhouse-condo sellers are getting more than 93 percent of their asking price. And while mortgage rates are inching higher, they remain historically low, which gives consumers more buying power.”

The statewide median sales price for single-family existing homes last month was $199,000, up 13.7 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in January was $152,000, up 10.9 percent over the year-ago figure.

Maybe time to start looking into buying or selling some Sanibel real estate. Check out our listings at www.chuckandrews.com, or give us a call at 239-849-3396 to discuss the Sanibel real estate market anytime!

Sanibel Real Estate Blog: Real Estate USA Stats

February 17th, 2016

This month’s (JANUARY) national housing report says January home sales were 6.3% higher than one year ago. Also, in the 52 metro area surveyed in January, the median price in was $ 200,714. On a a year-over-year basis, the median sales price has now risen for 48 consecutive months. A low inventory supply continues to pressure prices.

Of the Florida cities surveyed: Tampa showed a 19.4% increase in prices and Orlando showed a 14.6% increase.

Time to get in on the Sanibel Real estate market? Check out our listings at www.chuckandrews.com, or give us a call at 239-849-3396 for an update on Sanibel real estate.

Sanibel Real Estate Blog: Forbes Best Investment Cities in Florida

February 10th, 2016

Forbes lists top investment cities – 7 are in Fla.

Where should real estate investors put their money in 2016? Forbes teamed up with North Carolina-based data company Local Market Monitor to produce its list of 2016 Best Buy Cities – the top 20 housing markets to invest in this year – and Florida dominates the list.

According to Forbes, Florida offers good values “where investors get the best bang for their housing buck, and where aspiring homeowners have the best prospects of making an economically sound purchase.”

 

“Best-buy” markets for 2016 housing

1. Grand Rapids

2. Orlando, Florida

3. San Antonio, Texas

4. Charlotte, North Carolina

5. Salt Lake City

6. Dallas

7. Austin, Texas

8. Fort Lauderdale, Florida

9. Seattle

10. Cape Coral, Florida

11. Indianapolis

12. North Port, Florida

13. Nashville, Tennessee

14. Tampa, Florida

15. Charleston, South Carolina

16. Denver, Colorado

17. Madison, Wisconsin

18. Jacksonville, Florida

19. West Palm Beach, Florida

20. Boise, Idaho

 

If the city you are looking for is Sanibel, then check out our website for info on Sanibel real estate listings at www.chuckandrews.com

Sanibel Real Estate Blog: 2015 was a good year!

February 4th, 2016

2015 was a pretty good year from a real estate standpoint. Our Sanibel Board of Realtors stats show a 12 % increase in sales over 2014 with a slight increase in prices over that same time.

2016 began with low inventories. We were 20% lower than 2015 and 55% lower than the 3 year average from 2010-2012. In the “good old days” this would have translated in to significant price increases, but “these days” the increases are modest.

A snapshot of the last 10 years from our board stats shows the peak sales period(condos and single family homes) was 2006 and bottom was 2012. Since then we have seen modest price increases with overall values just a bit higher than 2008. All in all, it’s a healthy market. The record low inventories should provide for an interesting winter season.
Stay tuned!!

If you want to be a part of this interesting Sanibel real estate season, give us a call at 239-849-3396, or check out our listings at www.chuckandrews.com, as well as all Sanibel real estate listings.

Sanibel Real estate blog: Remax gets the hits!

January 28th, 2016

REMAX.COM number of visits in 2015: 62,132,115

Other companies:

century21.com
42,457,848 visits
kw.com
31,567,836 visits
weichert.com
20,452,820 visits
coldwellbanker.com
20,618,581 visits
I think we will just let those numbers speak for themselves in this blog. If you have an interest in Sanibel real estate: call the ones getting the visits at remax.com.

Check out www.chuckandrews.com for Sanibel real estate listings at well as remax.com!

Sanibel Real Estate Blog: December Stats

January 22nd, 2016

The story for December in home sales: prices continue to rise but number of homes sold drops.

The selling prices have dramatically increased this year, with the current median home sales price in Lee at $ 231,000 compared to $ 190,000 in Dec of 2014. Condo prices were up 2.6% to $189,900 from $185,000 in Dec. 2014.

Houses also are on the market a shorter time with current market time of 30 days- December 2014 had a 34 day market period.

Maybe it is time to get out there and get ahold of some Sanibel real estate. Check out listings at our website,www.chuckandrews.com or give us a call to discuss the market anytime at 239-849-3396

Sanibel Real Estate Blog: Just in From the NAR

January 13th, 2016

WASHINGTON – Jan. 12, 2016 – Following the housing market’s best year in nearly a decade, existing-home sales are forecast to expand at a more moderate pace in 2016 as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors®(NAR) Chief Economist Lawrence Yun.

In an NAR video, Yun discusses his expectations for the U.S. economy and housing market in 2016. He cites pent-up demand, sustained job growth and improving inventory conditions as his reasons for an expected gain (from 2015) in new and existing-home sales. A NAR-created infographic provides an overview of Yun’s forecast.

Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices that still outpace wages and shaky global economic conditions as headwinds that will likely hold back a stronger pace of sales.

“This year, the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates,” Yun says in the video. “Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under producing for multiple years. Once the spring buying season begins, we’ll begin to feel that again.”

With one month of data remaining for 2015, Yun expects total existing-homes sales to finish the year up 6.5 percent from 2014 at a pace of around 5.26 million – the highest since 2006, but roughly 25 percent below the prior peak set in 2005 (7.08 million).

The national median existing-home price for all of 2015 will be close to $221,200, up around 6 percent from 2014. In 2016, existing sales are expected to grow between 1 and 2 percent (5.30 to 5.40 million) and prices between 5 and 6 percent.

If it is time for you to check out Sanibel real estate, view listings at www.chuckandrews.com or give us a call for Sanibel real estate info anytime at 239-849-3396